In a recent transaction, the interim Chief Financial Officer (CFO) of Foxo Technologies Inc. (NYSE:FOXO), Martin Christopher Ward, sold a significant number of shares in the company. The transaction took place on July 22, 2024, and involved the sale of 1,300,000 shares of Class A Common Stock at a price of $0.25 per share, resulting in a total sale value of $325,000.
The shares were sold by KR8 ai Inc., where Ward serves as an officer, director, and shareholder. Following the transaction, it was indicated that Ward's associated entity, KR8 ai Inc., no longer held any shares in Foxo Technologies Inc. However, the footnotes in the report suggest that this does not account for any shares that may be issued to KR8 ai Inc. in the future as consideration for rights granted and services to be rendered under a Master Software and Services Agreement with Foxo Technologies.
Investors often keep a close eye on insider transactions such as these for insights into the company's performance and the confidence level of its executives. The sale by Ward, as an interim CFO and significant shareholder, may be of particular interest to current and potential shareholders.
Foxo Technologies Inc. specializes in commercial physical and biological research, a field that continues to grow and evolve with technological advancements. The company, incorporated in Delaware, has its headquarters in Minneapolis, Minnesota. It was formerly known as Delwinds Insurance Acquisition Corp. before changing its name.
The transaction was officially signed off by Martin Ward on July 23, 2024, as documented in the SEC Form 4 filing.
InvestingPro Insights
As the market digests the recent insider transaction at Foxo Technologies Inc. (NYSE:FOXO), the stock's performance and financial metrics are of keen interest. According to InvestingPro, the company has a notably small market capitalization of 2.57 million USD, reflecting its status as a niche player in the commercial physical and biological research industry. This small size could potentially make it more susceptible to market volatility.
InvestingPro Tips indicate that Foxo Technologies' stock has experienced significant price volatility, with the stock price taking a substantial hit over the last week, falling 11.67%. This is consistent with the broader trend observed over the last year, where the stock has seen an 83.94% decline in total return. Furthermore, the company's stock is trading near its 52-week low, at only 6.95% of the high, which might be a signal for bargain hunters or could indicate underlying issues that have led to a loss of investor confidence.
Financially, the company has struggled with profitability, as reflected by the negative P/E ratio of -0.14 for the last twelve months as of Q1 2024. Additionally, the gross profit margin stands at a mere 5.04%, highlighting challenges in maintaining profitability. These metrics underscore the financial difficulties Foxo Technologies has faced and may continue to face in the near term.
For readers interested in a deeper analysis, there are 14 additional InvestingPro Tips available for Foxo Technologies, which can be accessed by visiting: https://www.investing.com/pro/FOXO. For those considering an InvestingPro subscription, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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